- Bass Oil (BAS) provides an operational update on its Tangai-Sukananti oil field in Indonesia, reporting oil production and prices
- Bass reported oil production averaged 333 barrels of oil per day (bopd) in February 2022, a 3 per cent decrease from January 2022 but noted it has risen in March, averaging over 350 bopd to date
- Bass also reported that the Bunian-5 well was offline for 12 days in January due to unscheduled maintenance and came back online on February 11
- The company reported that the rig mobilisation to the Tangai 5 drill site has commenced
- BAS shares rose 25 per cent, trading at 0.3 cents per share
Bass Oil (BAS) has provided an operational update on its Tangai-Sukananti Oil Field in Indonesia.
Bass reported that oil production averaged 333 barrels of oil per day (bopd) in February 2022, a 3 per cent decrease from January 2022’s production. The total field production in February was 9,326 barrels of oil and 8,705 barrels were sold. Bass received net production of 5,129 barrels and obtained sales receipts for 4,788 barrels.
However, Bass noted that field production is on the rise in March, averaging over 350 bopd to date.
Bass noted that the average oil price for February was US$95.16 (A$132.35) per barrel, a 11 per cent increase from January 2022.
Bass has also reported that the Bunian-5 well was offline for 12 days in the second half of January due to an unscheduled maintenance relating to the surface pumping unit. The well came back online on February 11.
The company reported that the rig mobilisation to the Tangai 5 drill site has commenced after receiving regulator granted approval to drill in November 2021 and completion of the well site.
Bass has also reiterated its conditional sale and purchase agreement to acquire eight Cooper Basin tenements and successful share placement, though has not provided any updates to its business development plans.
BAS shares were up 25 per cent, trading at 0.3 cents per share at 11:17 am AEDT.